Solved: 1099r rollover to IRA
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1099r rollover to IRA

I moved my 401k to and IRA. I filled out what was on 1099r form and now I have to pay Federal and State taxes.

If I rolled over the fund to an IRA, does that make me pay taxes on it.
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1099r rollover to IRA

No, you are not taxed on the 401K distribution if you roll it over to your IRA within 60 days of your distribution.  At this point it would be considered a rollover, which is nontaxable transaction. 

In TurboTax, once 1099-R reporting 401K distribution is entered, if code G reports your transaction, the rollover is automatically applied and the income is not taxable.  

Otherwise, you will be asked what you did with the money. Once you answer that you moved the funds to another retirement account, the distribution becomes rollover and is not taxable


To enter your 1099-R:

  • Type 1099-R in the search box and click search.
  • Click on Jump to 1099-R.
  • Continue with the onscreen interview.


See the screenshot below.

View solution in original post

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Highlighted
New Member

1099r rollover to IRA

No, you are not taxed on the 401K distribution if you roll it over to your IRA within 60 days of your distribution.  At this point it would be considered a rollover, which is nontaxable transaction. 

In TurboTax, once 1099-R reporting 401K distribution is entered, if code G reports your transaction, the rollover is automatically applied and the income is not taxable.  

Otherwise, you will be asked what you did with the money. Once you answer that you moved the funds to another retirement account, the distribution becomes rollover and is not taxable


To enter your 1099-R:

  • Type 1099-R in the search box and click search.
  • Click on Jump to 1099-R.
  • Continue with the onscreen interview.


See the screenshot below.

View solution in original post

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